OpenSea Evolves into a Multi-Chain Crypto Trading Hub with Upcoming Token Launch Translation: OpenSea Evolves into a Multi-Chain Crypto Trading Hub with Upcoming Token Launch

The NFT marketplace OpenSea now presents itself as a multi-chain aggregator for trading a diverse range of cryptocurrencies beyond just digital art. This was reported by The Block.

The platform has opened up trading access for users involving any tokens, including NFTs, meme coins, and other virtual assets across 22 blockchains.

OpenSea aggregates buy and sell orders from decentralized exchanges like Uniswap and Meteora, charging a commission of 0.9%.

The platform operates on a non-custodial model and does not perform KYC checks. Instead of user verification, it utilizes tools from the analytics firm TRM Labs to label wallets that are subject to sanctions or suspected of money laundering activities.

According to Devin Finzer, the founder and CEO of OpenSea, he decided to pivot away from a strict focus on NFTs due to the prolonged downturn in the non-fungible token sector.

The company has reduced its workforce by over half after its monthly revenue plummeted from $125 million in January 2022 to just $3 million by the end of 2023. During that time, NFT trading volumes fell by 90% from the peak levels of 2021, compounded by the loss of dominance in the market due to the emergence of competitors like Blur and Magic Eden.

In the first two weeks of October, the platform’s crypto trading volume reached $1.6 billion, with NFTs contributing $230 million to that figure.

«You can’t argue with macroeconomic trends,» Finzer remarked while discussing the company’s business shift.

According to DappRadar, NFT trading volume on Blur over the past 30 days has only approached $125 million. Forbes noted that the corporate X account of OpenSea’s main competitor and the account of its CEO, Tiashun Roker, have been inactive since spring.

«There are people in the crypto industry who come and go,» Finzer observed.

The founder of OpenSea stated that creating an aggregator platform for crypto trading logically leads to the launch of a token that will be deeply integrated into the platform.

He confirmed that the issuer of SEA will be the independent OpenSea Foundation. The token generation event (TGE) is expected to take place in the first quarter of 2026.

Half of the token supply will be distributed among the community. Fifty percent of the revenue upon launch will be allocated for the buyback of SEA to sustain its value and enhance the ecosystem.

Additionally, in September, OpenSea announced the establishment of a $1 million reserve composed of «culturally significant» NFTs.